STAMFORD — Manhattan-based real estate firm Silverback Developmenthas bought three downtown office buildings for $12.5 million.
The 92,000-square-foot office complex includes 777 Summer St., 773 Summer St. and 612 Bedford St. Covering 2.75 acres, those three properties house a range of tenants including the Stamford Chamber of Commerce, Bankwell Financial Group, Wells Fargo, Edward D. Jones, The First Bank of Greenwich and several law firms.
The acquisition marks Silverback’s first foray into a market outside New York City.
“As a growing number of people seek to live and work in transit-oriented locales, Stamford has become one of the hottest markets in the tri-state area,” Josh Schuster, founder and managing principal of Silverback Development, said in a statement. “We’re extremely excited to add these properties to our rapidly expanding portfolio. The location within the city’s vibrant downtown and the proximity to Manhattan provide unmatched potential for successful investment.”
Jack Condlin, president and CEO of the Stamford Chamber of Commerce, said that he thought the sale bodes well for the downtown office market.
“It’s good because it shows the market has been moving and moving in the right direction,” Condlin said. “Our building has done well in the market.”
Silverback was founded earlier this year following an initial $50 million capital investment.
Schuster, 32, has been involved in the development of Manhattan luxury residential developments worth a total of more than $650 million, according to data provided by Silverback. Those projects like 50 Clinton St., 535 West 43rd St., 12 East 13th St. and 75 Kenmare St.
Throughout his career, Schuster has led real estate projects worth a total of approximately $1 billion, according to Silverback statistics.